Q&M Dental Q3 net profit surges 69% on medical equipment and supplies segment
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Q&M Dental Group QC7 posted a 69 per cent rise in net profit for the fiscal third quarter from a year ago, with strong contributions coming in from the medical laboratory and dental equipment and supplies segment.
As a participant in the nationwide Covid-19 testing effort, Q&M saw the segment rise by 932 per cent to S$18.4 million, compared to S$1.8 million previously.
Net profit for the 3 months ended Sep 30, 2021 amounted to S$9.5 million.
This is compared with a net profit of S$5.6 million posted in the same period a year ago, the dental healthcare group reported on Thursday (Nov 11).
The results translate to earnings per share of S$0.0101, against earnings per share of S$0.006 from the year-ago period.
Revenue increased by 48 per cent to S$57.7 million from S$39.1 million on the back of an increase in the number of clinics in both Singapore and Malaysia.
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As at Sep 30 2021, the group's number of dental clinics in Singapore has grown to 90, from 81 in the previous quarter. Similarly in Malaysia, the number of dental clinics has increased to 38, as compared to 33 previously.
In order to support this growth, the group has also increased its total number of dentists to 270 as at Sep 30, 2021, as compared to 250 previously, Q&M said.
Q&M saw its dental and medical clinics segments rise in the third quarter by 5 per cent to S$39.3 million, from S$37.3 million previously.
Q&M also noted that for acumen diagnostics, the group will continue to offer Covid-19 testing by polymerase chain reaction (PCR) for patients that require PCR test results and for travellers as Singapore opens its borders, as well as distribute Covid-19 antigen rapid tests.
The group will also develop a panel of new PCR tests in infectious diseases, sepsis and cancer, added Q&M.
Q&M obtained a licence to open its Covid-19 medical laboratory in September 2020.
The board has proposed a third interim dividend of S$0.01 per share, to be paid out on Dec 3, 2021.
Shares of the counter closed up 0.9 per cent or S$0.005 to S$0.56 on Nov 10.
Read more:
- Q&M Dental receives in-principle approval to issue up to 161m new shares
- Q&M proposes 1-for-5 bonus issue
- Aoxin Q&M's acquisition will raise its exposure to PCR testing demand: Deputy CEO
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